Ashoka Highways Bhandara Ltd receives Rs. 97.37 crores from NHAI

Ashoka Highways (Bhandara) Limited, a subsidiary of Ashoka Concessions Limited, a subsidiary of Ashoka Buildcon Ltd, has received an amount of Rs.97.37 Crore inclusive of interest towards full and final settlement in respect of all the claims, counter claims, negative / positive change of scope of work etc. and various other disputes under the Concession Agreement. These disputes did arise between AHBL and National highways Authority of India during the execution and operation of the Concession. AHBL and NHAI had jointly approached the Conciliation committee of Independent experts for the settlement of claims pursuant to the Arbitration award dated 25.01.2019. As a settlement under the conciliation, AHBL & NHAI have agreed to amicably settle the claims and accordingly have executed the settlement Agreement and NHAI paid Rs.97.37 Crore on May 31, 2022.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 81.55 as compared to the previous close of Rs. 82.10. The total number of shares traded during the day was 52947 in over 1010 trades.

The stock hit an intraday high of Rs. 83.60 and intraday low of 81.05. The net turnover during the day was Rs. 4371960.00.

Source : Equity Bulls

Keywords

AshokaBuildcon INE442H01029 Settlement NHAI Claim